Question 1

Where do I transfer funds?

Accepted Answer

Once you have completed registration and our compliance team is happy to proceed with authorising your Freemarket account you will gain access to us committing to providing resilience, security and speed to our clients.

In the platform you’ll see the bank details of our client-segregated accounts where you can transfer or move funds to for the payment order to be processed and executed.

Question 2

What kind of payments can I make?

Accepted Answer

There are a number of different payments schemes and types of payments that you can make.

Cross-border Payments or International Payments: a cross-border payment or international payment is sending a payment from one country to another. They are key for businesses that operate in different jurisdictions and plan to do business in new markets.
Domestic Payment: a domestic payment within the same country where the bank and merchant’s account are registered in the same country, in most cases, the currency is the same, so no FX or Foreign Exchange is required.

Types of payment schemes

SWIFT: this is used to send or receive international payments via the SWIFT payment network.
SEPA: SEPA stands for Single Euro Payments Area and it's a payment type used to transfer euro within the EEA.
SEPA Instant: allow you to send 100,000 per transaction, they are available 24/7, 365 days a year, and take no more than 10 seconds to reach payee’s account from the payer’s.
Faster Payments (FPS): for the majority of UK-based payments Faster Payments is in place for bank-to-bank payments and designed to speed up the process of sending money. It has a limit in place of £1m per transaction.
Target2: is the real-time gross settlement (RTGS) system with payment transactions being settled processing euro payments.
CHAPS: CHAPS payments allow you to make same-day, high-value electronic payments.
BACS: is designed to operate a bank-to-bank payment scheme, payments can take up to three working days to clear.

Question 3

What is a foreign exchange spot transaction?

Accepted Answer

A spot FX trade is when the exchange or trade takes place at the same point the transaction is settled. You buy and sell the currency at the current market rate, also known as a spot price. Settlement usually occurs within the days preceding but due to our buying power, and us holding balances in different currencies, we can do this instantly.

Currency pairs may differ, you may trade, G10 currencies, minor pairs, emerging markets, or exotics. It’s worth noting that some currencies are less liquid than others, which might lead to a larger difference in the buy and sell price.

You can read more on FX trading from IG, CityIndex, Investopedia, CMC Markets & Refinitiv.

Question 4

How do you reconcile funds?

Accepted Answer

Our operations team must manually reconcile any payments when the funds that you have added are missing a reference; this could lead us to be delayed with your exchange and payment. We can reconcile the funds if you indicate where they need to go, therefore please let us know.

We locate the funds that have been moved to the segregated account(s) and credit the account that you have verified to us as part of our internal reconciliation procedure. The funds will be accessible on the balances tab under the currency once the amounts have been reconciled.

Once cleared, you can continue to make B2B payments.

Question 5

Does the platform allow to settle funds globally?

Accepted Answer

The business is global in its reach, and we transfer money internationally. We can pay the designated beneficiary as long as the beneficiary information is accurate and authorised.

Once you have confirmed the transaction's value, provided the beneficiary information is accurate, the funds are available on the platform, and you are using a currency pair you have access to, the transaction information and beneficiary details might permit us to make a payment on your behalf.

It's important to keep in mind that the platform uses UTC time, thus the settlement timeframes may vary as a result. We enable you in optimising your funds across various markets, jurisdictions, and time zones.

Question 6

How long does it take to register?

Accepted Answer

The registration process can vary per account, after we will conduct our mandatory compliance checks, once satisfied, an account can be created on the platform for you to use.

Question 7

Can I register multiple accounts for one user?

Accepted Answer

We've created an easy-to-follow step-by-step guide on how a single user can register and access multiple accounts using the same login information.

STEP 1: We will email you a unique registration URL link for each and every company you are looking to register to your login email address and account. You will be prompted to log in once you click each link.

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STEP 2: ** You will be instantly taken to a 'Verify Account' screen where you will be asked to enter the company details and information needed in five easy steps for the new business registration.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/y7NB3J5108/Multiple%20Accounts%20Screenshot%202.PNG (Multiple Accounts Screenshot 2.PNG)

STEP 3: Once you've completed registering your companies, you can navigate to your main Dashboard on your account and select the 'Your Registrations' option where you can view the status of any outstanding registrations.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/Urhm3yrv4B/Multiple%20Accounts%20Screenshot%203.PNG (Multiple Accounts Screenshot 3.PNG)

STEP 4: Please click the 'Continue Registration' option if you haven't finished the registration process yet. You'll be able to pick up where you left off and continue the application. The registration will appear as pending if it is being reviewed.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/sjcpL2LewP/Multiple%20Accounts%20Screenshot%204.PNG (Multiple Accounts Screenshot 4.PNG)

You will only be able to keep track of the progress of registrations that you made since registrations are connected to the person who began the process.

Contact support@wearefreemarket.com or your Relationship Manager if you require any more help or have any queries.

Question 8

How can I keep safe online?

Accepted Answer

Take Five is a national campaign offering straight-forward, impartial advice that helps prevent email, phone-based and online fraud – particularly where criminals impersonate trusted organisations. Led by UK Finance and backed by His Majesty’s Government, the initiative is supported by a range of partners such as; the payment industry, financial services firms, legal sector, telecommunications providers, and commercial, public, and third sector organisations.

Stop: Taking a moment to stop and think before parting with your money or information could keep you safe.
Challenge: Could it be fake? It’s ok to reject, refuse or ignore any requests. Only criminals will try to rush or panic you.
Protect: Contact your bank immediately if you think you’ve fallen for a scam and report it to Action Fraud.

Visit the Take Five website here for more information.

We utilise best-in-class services to enhance our compliance and risk policies, and we use real-time rules-based monitoring in our automated transaction monitoring tool. To further safeguard our clients we hold all funds in segregated accounts with our banking partners.

Question 9

What does a pending deposit mean?

Accepted Answer

A pending deposit represents a transaction in which our operations team has not yet allocated the funds. The reference that you have been given should be included in every bank transfer you make so that we can reconcile the funds when necessary.

A transfer won't be reconciled unless you give us confirmation of it. Our operations team may credit the account that you would like the funds to be added to by giving evidence, and this will be reflected up on your balances.

Question 10

Why hasn't the beneficiary received the funds?

Accepted Answer

There are a several stages for the payment order to successfully happen and for the funds to successfully reach the beneficiary. During the transaction the platform may state that the transaction is now complete, but the beneficiary has not received the funds, there could be a number of reasons for this, for example, we could be safeguarding the funds or have earmarked them as part of the payment order.

If the withdrawal is marked as ‘Completed’ on the platform, our operations team has given the instructions to withdraw the funds on our end to the beneficiary that you have chosen. If the funds are taking longer to reach the beneficiary, it could be due to the beneficiary’s bank processing the payment, bank holidays delaying a payment, or additional compliance checks being performed by the recipient’s bank.